Last autumn there was much hue and cry about the prices that tickets for the Leonardo DaVinici: Painter at the Court of Milan were getting in our resale market.  The exhibit, billed as a ‘once in a lifetime opportunity’ and only running for four months was sure to generate massive demand and thus higher prices, some offered for as much as £250 each.  At the time we suggested that consumers should wait for prices to come down.  While it was great info to provide to consumers it made for bad headlines and was not included in any of the 5,350  stories that ran on the subject.

Fast forward a few months and tickets are selling for as low as £60 with the mean prices in the £80 range.  DaVinci offers a teachable moment on how to work price to your advantage.

When an event with high demand goes onsale there will always be speculators, big and small, who invest in the hopes that prices will increase.  This is the case for everything from event tickets to classic cars to orange juice futures made famous in the film “Trading Places.”  Often the press, particularly in the UK, will latch onto these stories and sensationalise them to their readers in an attempt to whip up a populist rage.  This coverage only serves to drive prices even higher as sellers try to capitalise on the spotlight on the event.  It’s only when the furore dies down that so does the mark-up on the prices.

So the lesson here is that if you are sensitive to prices, as most of us are in this day and age, wait.  Take a breath, prices will fall and you can have a great time at whatever event it is knowing you’re the player not the playee.

Pricing History for Leonardo DaVinci: Painter at the Court of Milan